Randolph collected another version, #77 in Ozark Folksongs and #84 in Randolph-Legman's Roll Me in Your Arms: "Unprintable" Ozark Folksongs and Folklore (Volume 1). Here 'tis:

We Hunted and We Hollered (The Three Butchers)

We hunted and we hollered
And the first thing we did find,
Was an old barn on a hill top,
And that we left behind.

Some said it is a barn,
But the others they said nay,
They said it is a church-house
With the steeple cut away.

We hunted and we hollered,
And the next thing we did find,
Was a hoot-owl in a holler tree
And that we left behind.

Some said it is a hoot-owl,
But the others they said nay,
They said it is the Devil
And we'd better run away.

We hunted and we hollered,
And the next thing we did see,
Was a naked woman in chains,
A-fastened to a tree.

Some said it is a woman,
But the others they said nay,
They said it is a preacher
With his pecker cut away.


Sung by Mr. D.C. Burwell, Joplin, Missouri, Feb 20, 1929
Verses in italics were not included in Ozark Folksongs, but were included in the Randolph-Legman "Unprintable" book.


Note there seems to be no connection to The Three Butchers, looky there...
Could it be that Legman mistitled it?
-Joe-